Highest ever spending under MNREGA during FY21: FM Sitharman

wayne


Finance Minister Nirmala Sitharman on Friday said Prime Minister Narendra Modi-led NDA government has removed all ills from the rural-employment guarantee scheme MNREGA and spent highest ever about Rs 90,500 crore so far this fiscal.


Replying to the Budget debate in the Rajya Sabha, the minister attacked the opposition Congress failing to utilise the entire amount allocated in the Budgets when they were in power.



She said during the COVID pandemic year, the government has spent Rs 90,469 crore under the MNREGA rural employment scheme, which highest ever.


Sitharaman said for 2020-21, the budget estimate was Rs 61,500 crore for the scheme, which has been increased to Rs 1,11,500 in the revised estimates.


“Your track record is bad. Never your budget estimate was met,” the finance minister said as she reeled out data from 2009-10 and subsequent years under the Congress-led UPA regime.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on

NHPC reports 50% rise in net profit to Rs 961 crore for Dec quarter

wayne


State-owned giant reported a 50 per cent rise in its consolidated net profit to Rs961.64 crore for the December quarter.


Its consolidated net profit was Rs 639.13 crore in the quarter ended December 2019, a BSE filing said.



The total income rose to Rs2,610.69 crore in the quarter from Rs 2,279.45 crore in the same period a year ago.


The company’s board also declared and approved the payment of interim dividend at the rate of 12.50 per cent (Rs 1.25 per equity share) on the face value of paid-up equity shares of Rs 10 each for 2020-21.


It has fixed Tuesday — February 23, 2021 — as the record date for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country

HMRC appeal against student accommodation VAT policy ruling rejected

wayne

HMRC’s appeal against a ruling that overturned its student accommodation VAT policy has been rejected in a case bringing benefits for companies involved in the construction of student housing, landlords and universities.

The decision not only provides reassurance to the student housing sector that subcontractors do not have to be paid VAT on new build student accommodation, but has additional implications beyond cash flow for all parties involved.

The Issues

The main contractor at Primus Place had received a certificate from the developer-landlord claiming relief from VAT because the new building would be used for a relevant residential purpose (RRP) i.e. a communal building for students. Ordinarily sub-contractors working on RRP buildings are not entitled to zero-rate their services; VAT must be charged at 20 per cent which the main contractor must then reclaim on a VAT return.

However, the units were designed as self-contained living accommodation including kitchenettes and en-suite bathrooms. While planning consent restricted use to students, there was no clause preventing each unit from being separately used or sold. Summit argued the zero-rate could be applied as they were working on ‘dwellings’. The relief for dwellings is broader than for RRP buildings and allows both main and

Subscribe Now